(Updates with Lawson’s comment in the fourth paragraph.)
July 10 (Bloomberg) -- FM Global, the policyholder-owned commercial insurer, said Executive Vice President Thomas Lawson will replace Shivan Subramaniam as chief executive officer.
The promotion is effective Jan. 1, and Lawson will join the board of directors Aug. 1, the Johnston, Rhode Island-based insurer said today in a statement on its website. Subramaniam, who has been with the company for four decades, will remain chairman. Executive Vice President John Hall was named chief operating officer.
FM Global has long emphasized analyzing and mitigating risk, in addition to selling insurance policies. The company employs engineers and conducts site evaluations to help companies understand how to limit property damage and disruptions to their business.
“Our fundamental philosophy is insurance is never enough,” Lawson said in a phone interview. “We’re all about understanding the exposures and helping clients understand their risk.”
Under Subramaniam’s 15-year tenure as CEO, annual revenue climbed to $5.6 billion from $1 billion, according to the statement. FM Global sells coverage to a third of the companies in the Fortune 1000.